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Download Report Limitless LOLC FINANCE PLC Annual Report 2016/17 Contents About this Report ............................................ 2 Financial Statements Key Highlights of the Year .................................. 3 Financial Calender ......................................... 98 Operational Highlights ...................................... 4 Independent Auditors' Report ............................ 99 Awards ......................................................... 5 Statement of Financial Position ........................ 100 Vision/ Mission / Corporate Values ........................ 8 Statement of Profit or Loss and ORIX Connection ............................................. 9 Other Comprehensive Income ...................... 101 Milestones ............................................. 10 - 13 Statement of Changes in Equity ........................ 102 Chairman’s Message ................................. 16 - 19 Statement of Cash Flows ................................ 103 Chief Executive Officer’s Review .................. 20 - 23 Notes to the Financial Statements ............. 104 - 156 Board of Directors ................................... 24 - 27 Supplementary Financial Information - Islamic Business Unit Corporate Management ............................. 28 - 29 Statement of Financial Position ........................ 157 Operational Management ............................ 30 - 32 Statement of Profit or Loss and Other The Business ......................................... 33 - 37 Comprehensive Income .............................. 158 Review of Operations .............................. 38 - 45 Statement of Cash Flow ................................. 159 Technology ............................................ 46 - 48 Notes to the Supplementary Financial Statements ........................ 160 - 167 Sustainability Agenda ............................... 49 - 54 Corporate Governance .............................. 55 - 81 Financial Information for Last Ten Years Enterprise Risk Management ...................... 82 - 83 Statement of Financial Position ........................ 168 Report of the Board of Directors .................. 84 - 87 Statement of Profit or Loss .............................. 169 Directors’ Statement On Internal Control Over Financial Reporting ......... 88 Quarterly Statement of Profit or Loss and Other Comprehensive Income ...................... 170 Report of the Audit Committee .......................... 89 Quarterly Statement of Financial Position ............ 171 Report of the Integrated Risk Management Committee ........................ 90 Investor Information .............................. 172 - 173 Report of the Remuneration Committee ............... 91 Other Disclosures ................................. 174 - 175 Report of the Nomination Committee .................. 92 Branch Network ................................... 176 - 177 Report of the Related Party Notice of Meeting ........................................ 178 Transaction Review Committee ...................... 93 Form of Proxy ...................................... 179 - 180 Chief Executive Officer’s and Chief Financial Corporate Information ................................... IBC Officer’s Responsibility Statement .................. 94 Directors’ Responsibility For Financial Reporting ..... 95 Limitless Savings & Deposits • Auto and SME Finance • Real Time fund transactions • Working Capital • Foreign Currency Business No boundaries. No borders. When all you see are the possibilities that lie ahead of you and the opportunities all around you, your choices become limitless. LOLC Finance has been a pioneer in the local non-banking financial sector since 2001, constantly improving our business model and expanding our presence, even as we evolve our portfolio for business dominance and corporate stability. We maintain the highest standards of industry excellence, from a very responsive service ethic to cutting-edge financial technology and the constant digital innovation that saw your company launch the new LOLC Real Time app this year; a fully integrated mobile payment platform designed to deliver added value in customer convenience, speed and security. A philosophy of inclusiveness drives our vision and our diverse portfolio serves a broad range of clients, from corporates and high net-worth individuals to small SME customers from some of the most underserved regions of the island. We continue to maintain industry leadership as the NBFI with the biggest deposit base and this report describes a continuing story of progress and evolution as your company continues to grow. We’re bringing together what’s here and now with what lies in the future. Our reliability, strength and advanced technological capabilities combine with our Group synergies, making us a force to be reckoned with and our potential for value creation simply…limitless. About this Report REPORT PROFILE This report demonstrates how LOLC Finance is working to create value for stakeholders through our sustainable business strategies, governance and risk mechanisms to improve both financial and non-financial performance. The report covers topics of interest for both mainstream shareholders as well as other stakeholders of our business, which highlights how sustainability is becoming a key part of our business strategy. SCOPE AND BOUNDARY OF THE REPORT The information contained herein covers the period 01st April 2016 to 31st March 2017. The content of the report has been defined according to our materiality process, which includes an assessment of stakeholder interests. While information has been obtained from various sources within the Company, all content disclosed herein, has been first verified for completeness, balance, comparability, accuracy, reliability, timeliness and clarity, in accordance with the company’s disclosure policies. Where applicable, the report references the Global Reporting Initiatives (GRI) Guidelines for sustainability reporting. In this regard, the value scorecard section from page 51 through 54 of this report provides insights into the work we have done to create value for our employees, customers, communities and the environment. FORWARD-LOOKING STATEMENTS Certain statements in this Annual Report are forward-looking. These relate to the plans, objectives, goals, strategies, future operations and performance of the Company. Such forward-looking statements represent in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Therefore, LOLC Finance makes no representation or warranty, express or implied, that the operating, financial or other results anticipated by such forward-looking statements will be achieved. As such, LOLC Finance does not undertake at any future date, to update historical information or forward-looking statements stated in the report. 2 LOLC FINANCE PLC Key Highlights of the Year Rs.1,587 Rs.18.5 Rs.122.6 Million Billion Billion NET PROFIT AFTER TAX INTEREST INCOME TOTAL ASSETS Over Over Over Rs.20 34% 7% Billion Growth Growth TOTAL INCOME GROWTH IN DEPOSIT GROWTH IN PORTFOLIO ANNUAL REPORT 2016/17 3 Operational Highlights 140,000 100,000 120,000 80,000 100,000 80,000 60,000 60,000 40,000 40,000 20,000 20,000 0 0 2013 2013 2014 2015 2016 2017 2014 2015 2016 2017 Total Assets Rupees Customer Deopsits Rupees million million 1,800 70,000 1,600 60,000 1,400 50,000 1,200 1,000 40,000 800 30,000 600 20,000 400 10,000 200 0 0 2013 2013 2014 2015 2016 2017 2014 2015 2016 2017 Profit After Tax Rupees New Executions Rupees million million 4 LOLC FINANCE PLC Awards 2016 - Islamic Finance News (IFN) Global Awards IFN Deal of the Year for Sukuk- Best Islamic Bank Sri Lanka – Best Islamic Leasing Provider – Ijarah, Sri Lanka (First land- Runner Up - Al-Falaah Runner Up - Al-Falaah mark issuance in the history of Sri Lanka) - Al-Falaah 2016 - Sri Lanka Islamic Banking & Finance Industry (SLIBFI) Awards Islamic Finance Entity of the Deal of the Year 2016 – Social Upliftment Award – year 2016 – Winner/Gold - Winner/Gold - Al-Falaah Silver/Runner Up - Al-Falaah Al-Falaah 2016 - Global Banking & Finance Review (GBFR) Awards Best Islamic SME Leasing and Finance Company Most Innovative Islamic Investment Product (Wakala)’ in Sri Lanka ANNUAL REPORT 2016/17 5 The Company Do not limit your challenges; challenge your limits >> There exist limitless opportunities in every industry. Where there is an open mind, there will never be a frontier >> Vision We believe in an inclusive financial service that requires client advocacy and stewardship, a passion for leading-edge solutions and the delivery of services that exceed customer expectations. Mission Our mission is to help set the industry standard in Non-Bank Financial Services. We reach out to all Small and Medium Enterprises and provide them with affordable and convenient Financial Services tailored to their specific needs. Corporate Values We are committed to the highest standards of ethical conduct in all we do. We believe that honesty and integrity engenders trust, which is the cornerstone of our business. We abide by the laws of the land and strive to be good citizens and we take responsibility for our actions. We recognise that our success as an enterprise depends on the talents, skills and expertise of our staff and our ability to function as a closely integrated team. We appreciate our diversity and believe that respect - for our employees, customers, partners, regulators and all those with whom we interact - is an essential element of all
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